Market Analysis

Market notes:   Our rates sheets so far today are about the same as Friday afternoon despite the bond market worsening.  The weakness in the bond market today is a result of early strength in the stock market due to news that Washington Mutual (WAMU) is close to announcing a large capital injection.  Investors in the stock market are looking for continued signs that a bottom has developed for the market and it is safe to invest again.  The WAMU news is supportive of the view that confidence in the financial sector may be returning.   There was no significant economic news released today and there is not significant economic data being released all week.   In a week with little news, the Thursday release of the jobless claims for the week ended 4/5 will be watched closely and could move the market.  It is expected that jobless claims will be down by approx 24,000.  Jobless claims reductions of less than 7,000 (higher actual jobless claims than expected) would be supportive of steady to slightly lower mortgage rates. If we close the day at the same level we are currently seeing in the bond market we would  recommend going ahead and locking if you are within 30 days of closing.  If the market improves dramatically, we are able to renegotiate once and get within .375 points in closing costs of current market.  For example if the market improves to 5.375% with 0 points, we can renegotiate once to 5.375% with .375 points.  It is important to note that even though when renegotiating there is a .375 point adjustment to closing costs, usually we renegotiate rates to a rate sheet that is very short-lived and, therefore, most of our borrowers get a better rate renegotiating than if they were just trying to call in and get their loan registered and locked to start with.   If you think you may want to use Iron Harbor, we recommend having your loan set up and ready to go with us so that if the market switches direction we can get your loan locked asap.  The first step with Iron Harbor is to be pre-approved.  You can access a short application form at http://www.ironharbormortgage.com/xSites/Mortgage/IronHarbor/Content/UploadedFiles/Iron%20Harbor%20Short%20Application.pdf
 

Posted by Matthew Breston on April 7th, 2008 1:28 PMPost a Comment (0)
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